Bad debts, Cost Accounting

These are losses on account of uncollectable debts. While the amount due from debtors is irrecoverable, it is termed as bad debts. Bad debts, being loss are closed through transferring them to the debit side of the loss and profit account. The amount of bad debts is also deducted from debtors in the balance sheet. If similar appears in the trial balance, no adjustment entry is required. In this case, debtors show at their adjusted figure.

Posted Date: 4/4/2013 1:56:38 AM | Location : United States







Related Discussions:- Bad debts, Assignment Help, Ask Question on Bad debts, Get Answer, Expert's Help, Bad debts Discussions

Write discussion on Bad debts
Your posts are moderated
Related Questions
Below find production and sales information for Herrestad Company. We will use this same company for all the SLPs in this course.  Product information

Image Is Everything, Inc. (IIE) is located in an emerging market. It specializes in lithographic duplication, catering to demands from the nouveau riche for reproductions of paint

It may be dispute that  in a  total quality environment, variance analysis  from a standard costing system is redundant.í Talk about the validity of this statement.

These should be distinguished from estimated liabilities. Estimated liabilities are identified liabilities where the amount is uncertain. Contingent liabilities conversely are not

MARGINAL COSTING Vs DIRECT COSTING Direct costing is the method where only direct costs are measured while calculating the cost of the product. Indirect costs are met in opposi

Amanda Deal, president of XYZ, had recently finished an arduous round of meetings with her financial staff". Those meetings dealt with the details necessary to produce an accurate

how variable cost help in decision making.with suitable example

prepare cost accounting sheet

The Pacific Manufacturing Company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost. Its predetermined overhead rate was based

Describe the meaning and relevance of interdependence of variances when reporting to managers.